Real Madrid are reported to be looking into the possibility of selling the naming rights to their iconic Santiago Bernabeu stadium, with Dubai-based airline Emirates believed to be the frontrunners for the honour.

Plans to redevelop the stadium, Los Merengues' home since its opening in 1947, last year received approval from the club's members.

At present there are four different proposals, all designed to give the 66-year-old stadium a 21st-century face lift, which the Madrid hierarchy hope will act as "a reference in world football."

Madrid president Florentino Perez has revealed that a decision on the project will be forthcoming by the end of October with the planned work due to begin in the summer of 2014.

“We want to award the project later this month," Perez told Punto Pelota.

"There are four candidates for the improvements, and if they hurry up then we’ll see if by the summer we can start work on what will be something very emblematic for the 21st century Bernabeu."

Emirates - who became Madrid's chief sponsor during the summer, replacing Bwin - are thought to be favourites to add the stadium of the nine-time European Cup winners' to their sponsorship portfolio.

“We are working on a sponsor. We are on with it. At best the stadium will have a name added to it if we can find one,” said Perez.

Emirates already boast the naming rights for Arsenal's stadium at Ashburton Grove, with a recently negotiated renewal ensuring that remains the case until 2028.